The buck stops with the Reserve Bank of India (RBI)! This is the crux of the Banking Regulation (Amendment) Ordinance of May 4, 2017, which empowers the RBI to take decisions on the settlement of non-performing assets (NPAs) and a consequent cleaning up of bank balance sheets.

The manner in which the Genetic Engineering Appraisal Committee (GEAC) recently cleared the proposal for genetically modified (GM) mustard is extraordinary to say the least. It makes a mockery of the commitment in the Bharatiya Janata Party manifesto that “GM foods will not be allowed without full scientific evaluation on the long term effects on soil, production and biological impact on consumers”.

The Central government has proposed widening the scope of its UDAN scheme for regional connectivity by making more flight operations eligible for a host of concessions, including viability gap funding. Soon, all routes which do not have flight services at present may become part of the Scheme.

The FIPB (Foreign Investment Promotion Board) is the designated institution which considers the FDI proposals that require government approval. It also grants composite approvals involving foreign investment/ foreign technology. FIPB is located in the Department of Economic Affairs, Ministry of Finance.

Till now FIPB can give recommendations of FDI proposals below Rs 5000 crore to the Minister of Finance for consideration.

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